Although thousands of people are actively choosing to use their new found freedom to access the money saved over their working lives, thousands more will choose the certainty of an annuity, providing them with an income for life.
For many people, knowing they have a guaranteed income for the rest of their life is a good thing that most people value.
Annuity rates have been falling in recent years. However, for anyone looking at buying an annuity there are a number of things, which may improve the rate you are able to access and give your income an enhancement.
Health and Lifestyle
The annuity market within the UK is debatably the most sophisticated in the world and as a result can tailor the policy to your personal circumstances, taking your lifestyle and health into consideration. Firms such as Age Partnership will use such information to get you the best possible rate.
If you suffer from a health condition, which means you are likely to have a shorter than average life expectancy, Insurers will reflect this by offering you an increased income due to the shorter period of time your pension pot would have to cover. These increased annuity rates are offered by "enhanced" annuities, sometimes known as "impaired-life" annuities.
Not all providers offer the rates attached to these special policies so some shopping around is required. Fortunately, Age Partnership is able to do all the hard work for you, comparing every provider in the market to find the best deal for you, allowing you to be sure you have achieved the best possible income from an annuity.
Should you decide you would like financial advice, consulting a financial advisor that specialises in retirement income couldn’t be easier at Age Partnership. The advisor will assess your circumstances and objectives, as well your health and lifestyle (along with your spouse if necessary). The advisor will then create a bespoke report for you setting out our advice, including whether you can achieve a better deal by moving away from your current pension provider.
By speaking to one of Age Partnerships qualified advisors you can be safe in the knowledge that you are making a suitable choice on your future finances, giving you piece of mind.
If annuity isn’t the best option for you, our advisors will guide you through the process and discuss all your options with you, to find you the best products for your personal circumstances.
For more information about your pension please call 0800 975 5551
Age Partnership believe that people who are at or approaching retirement deserve to get the best out of life and have tailored a range of financial solutions specifically for the over 55s. To find out more about their services visit their homepage or contact the customer services team on 08080 555 222.